growing popularity of chocolate flavor-based baked goods is driving the Chocolate Flavor Market
Technavio analyzes that the Chocolate Flavor Market is expected to grow at a CAGR of 4.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 102.9 million.There are various factors that contribute to the growth of the market. The chocolate flavor market is experiencing significant growth due to the increasing preference for chocolate-flavored baked goods. This trend is driven by the rich, indulgent, and versatile nature of chocolate, which appeals to a wide consumer base. Chocolate's ability to complement various textures and flavors makes it an ideal choice for an extensive range of baked items, from cakes and pastries to breads and cookies. This growing popularity is expected to continue, fueled by innovation and consumer demand for new and exciting chocolate-flavored products.
In the food industry, chocolate flavor is a valuable commodity, utilized extensively in the production of bakery items, confectioneries, dairy products, and frozen treats. Milk chocolate, derived from chocolate liquor and milk powder or cream powder, is a prevalent type, accounting for a significant market share. Forastero beans, a primary source of chocolate flavor, are used to produce dark milk chocolate, white chocolate, and organic or fair trade varieties. Chocolate extracts, derived from essential oils or raw cocoa distillates, are commonly used as flavor enhancers in bakery products, such as cakes, cookies, pastries, and fillings. Artificial chocolate flavors can also be employed to replicate authentic chocolate tastes, utilizing a blend of natural and artificial components. Sustainable cocoa practices are increasingly prioritized in the chocolate industry to ensure ethical sourcing and production.
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Chocolate Flavor Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Chocolate Flavor Market encompasses various elements including the origin of cocoa beans, or "terroir," the processes of fermentation, roasting, and conching, and the combination of real chocolate ingredients. Professionals and chocolate lovers alike appreciate the intricacies of dark chocolate, crafted from cocoa, cocoa liquor, cocoa butter, sugar, and sweeteners, enhanced with spices, vanilla, and other ingredients. Chocolate formulas vary, with unsweetened, bittersweet, semisweet, and milk chocolate, each containing unique cocoa percentages and additional milk powder and cream powder. Forastero beans dominate the market, producing dark milk chocolate, while white chocolate, devoid of cocoa solids, is also popular for cooking and non-chocolate applications.
The chocolate flavor market encompasses professionals engaged in the production of real chocolate, utilizing high-quality ingredients such as cocoa beans sourced from distinct terroirs. The chocolate-making process involves intricate stages including fermentation, roasting, and conching to create unique chocolate formulas. As a burgeoning sector within the global packaged foods market, growth is driven by consumer preferences for authentic, minimally processed chocolate, offering health benefits and an unparalleled sensory experience. The market size is determined by the consolidated revenue of these professionals, excluding equipment manufacturers and packaged beverage producers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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